Weekly Forex Forecast for USDCAD, GBPUSD, GBPAUD, XAUUSD (21-26 March 2021)
Hey everyone! Welcome to this week's forex forecast for the week ending March 26th, 2021. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCAD, GBPUSD, GBPAUD & XAUUSD.
As expected in my "Deep Dive: USDCAD" article, price did infact break through the 1.246 EQL and is now retracing and most likely collecting liquidity from the 1.258 Liquidity Void (LV). This was also the same level as previous significant support when price was travelling to the downside. I expect price to collect final liquidity at the LV before reversing and continuing the long-term trend and pushing for new lows.
We've got this double ascending channel visible here, where we've got the overall channel move formed since the Covid-19 crash last year and another channel formed inside the original one, more of an intraday and shorter-term channel. Price recently made a break outside of it, touching the original channel's top, and now once again returned. Currently, price is consolidating between the two EQL and EQH levels at 1.376 and 1.40. I would like to see price close above or below these levels before I think about what positions to get into.
Price has been consolidating between this Bearish OB at 1.812 and the EQL at 1.78. This setup is pretty straightforward, I'll expect to see price reach this OB where I'll go short and look for targets at the EQL, then trail my TP lower incase we see price break out lower in this structure.
Price has now moved off this descending channel's bottom at 1675, the same level as previous EQLs and is now travelling towards the channel's top. Zooming in on the H4 timeframe, we can see price has formed an intraday ascending triangle pattern, price has already broken out and retraced, and is now waiting to make an impulsive move to the upside. However, we can see that as price is now awaiting breakout, a symmetrical triangle has formed, and at this point, I recommend we wait until a clear break and retest before looking for any positions in this market.
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